** Shares of diversified miner South32 fall as much as 4.1% to A$3.530, their lowest levels since Nov 15
** Co has pulled its production outlook for its Mozal Aluminium smelter in Mozambique amid ongoing violent protests in the African nation
** Morgan Stanley sees co stock at 'Equal-Weight', as brokerage believes a shut-in could allow for half of alumina sales to be made on spot, offsetting impact of shutdown.
** Brokerage maintains PT of A$3.30
** Stock posts its biggest intraday percentage fall since Aug 5
** Stock has risen 10.5% this year, as of last close
(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com))
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